PIMCO has launched the PIMCO Credit Absolute Return Fund, a go-anywhere type of fixed income fund that will employ some hedging strategies, including shorting and credit default swap derivatives, and be managed by Mark Kiesel.

As a go-anywhere fund, the fund will not be constrained by a traditional credit benchmark index. Instead, it will benchmark against the three-month London Interbank Offered Rate (LIBOR). As well, it will take a macroeconomic view to select what Kiesel calls “top picks.”

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